**Both candidates have publicly committed to participating in at least one head-to-head debate before the October 25 runoff, following their advancement from the October 4 first round where Flávio Bolsonaro led with 47.03% to Lula’s 45.16%.** After skipping all first-round events—including a canceled TV Globo debate on October 1 amid court rulings and mutual absences—Lula stated on October 5 that direct televised confrontations are now important for a “tête-à-tête” format, with allies confirming his intent to attend multiple scheduled clashes. Flávio Bolsonaro echoed this on October 6, declaring debates “important” to compare government records and programs, while noting his long-standing desire for such encounters. Confirmed dates include an October 18 Band/Estadão event and an October 23 Globo debate, with campaigns in contact on formats. These explicit post-first-round signals from both sides, absent major new procedural barriers, underpin the current trader consensus reflected in the market odds.